Fadesa invests 27 mln eur in land for in planned Mexican tourist resort

Fadesa invests 27 mln eur in land for in planned Mexican tourist resort

MADRID (AFX) - Fadesa Inmobiliaria SA said it has invested 27 mln eur to acquire four stretches of land in Nayarit, on the Mexican Pacific coast, to develop a tourist resort.

In a statement, Fadesa said it plans to build a 640-room hotel, a residential area of 1,284 rooms and a beach club on the land.

'The project forms part of the first phase of a plan designed by the Mexican governmentto convert the Clip Nayarit in to a leading tourist area, such as the Riviera Maya on the Caribbean,' Fadesa said.

Fadesa's investment accounts for only four of a total of 21 sections of land due to be developed, the company added.